Chpt 1 Freehold Estates

Question 1

Estate

Answer 1

A possessory interest in real property

Question 2

Fee simple estate

Answer 2

Maximum ownership of real property; also called a fee or fee simple absolute & is of indefinite duration, freely transferable and freely inheritable

Question 3

Fee simple determinable

Answer 3

A type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated

Question 4

Remainder interest

Answer 4

The interest in an estate that will pass another party (other than the grantor) at the death of the person upon whom the life estate is base

Question 5

Legal life estate

Answer 5

Any life estate created by a function of law as opposed to the actions or desires of a property owner

Question 6

Dower/Curtesy

Answer 6

The right of a spouse to inherit property held in their spouse’s name after spouse dies; dower is the word used for women, curtesy for men

Question 7

Encumbrance

Answer 7

Non-possessory interest in a property that burdens the title

Question 8

Freehold estate

Answer 8

A form of ownership with an indeterminate length

Question 9

Periodic estate

Answer 9

A leasehold estate which automatically renews until canceled by either party, aka
Estate from period to period, period tenacy, estate from year to year

Question 10

Fee simple condition subsequent

Answer 10

A defeasible fee estate that comes with specific requirements (or conditions)

Question 11

Reversionary interest

Answer 11

The interest in an estate where in, upon the death of the life estate owner, full ownership reverts back to the original fee simple owner (grantor)

Question 12

Pur autre vie

Answer 12

A life estate characterized by ownership lasting only for the duration of designated party’s lifetime

Question 13

Fee simple defeasible

Answer 13

Property interest characterized by perpetual ownership on the condition that the property is used for a certain purposes or under specific conditions; ownership reverts back to the original owner if these stipulations are violated

Question 14

Life estate

Answer 14

A type of estate limited to the duration of a measuring life

Question 15

Leasehold estate

Answer 15

An interest in the occupation of a property, established through a lease aka a non-freehold or less-than-freehold

Question 16

Homestead laws

Answer 16

Laws which protect a homeowner from loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance

Question 17

Elective share

Answer 17

A statutory right in some states which allows the surviving spouse to claim an interest in a decedent’s real and personal property regardless of the provisions established by a will